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Archive for September, 2006
Lakefront Condo For Sale
September 29th, 2006 categories: Tampa Waterfront Homes, New Projects (Condos)
Waterfront condo on beautiful Lake Seminole in central Pinellas County. Enjoy lakefront living in an updated condo with new flooring, kitchen, baths. Location is excellent with Gulf beaches a short drive away. Enjoy access to Lake Seminole with your canoe or kayak. Bella Vista is a gated condominium complex with a swimming pool and clubhouse.
As Sales Go, So Goes the Ranks of Realtors
September 29th, 2006 categories: Tampa Market Conditions
The number of Realtors and real estate agents surged over the past few years in our strong market. But now, as the market has slowed substantially, the numbers will naturally began to fall. So will the number of mortgage brokers, home inspectors, appraisers, title companies and other affiliated businesses.
This article, written by a San Francisco ex-Realtor really puts into perspective how hard it is to succeed in the biz.
Weekly Tampa Real Estate Update
September 29th, 2006 categories: Tampa Real Estate, Homes For Sale in Tampa, Tampa Market Conditions
Once again Tampa homes listed for sale increases as fewer listings go under contract. The gap between the two was 2855 on March 5th of 2006 and as of today has swollen to 5560.
Of the listings under contract, 527 of them have gone under contract in the last 29 days. So there are buyers out there, albeit many fewer than a year ago. September of ‘05 saw 1305 properties sold as compared to 611 sold month to date. These numbers are from MLS data (City of Tampa only) and do not include private sales.
Existing Florida Home Values Hold Their Own While Condo Values Fall
September 28th, 2006 categories: Tampa Real Estate, Tampa Florida Real Estate, Tampa Market Conditions
While sales of existing homes in Florida are down 34% as compared to a year ago (August), the median value of existing Florida homes is unchanged from last August at $248,400. Statewide, the median price of existing condos fell by $4500 to $201,300 while sales of the same were down 41% from a year ago.
The rise in values has ended and is flat currently. So we wait to see if existing home values will begin declining as we move forward. With sales way down and inventory way up, one would only think we’ll see the median price of Florida homes fall somewhat in the coming months.
Nationally, existing home sales were down 12.6% from a year ago (August) and the median price fell by 1.7%. See the report here.
Closer to home, Hillsborough County experienced about a 36% (my calculations from MLS data) decline in sales of all residential property types from August ‘05 to August ‘06. A look at September’s numbers to date, shows the decline may be over 50%. Inventory of listings has increased since the beginning of the current month as well.
Why Hire a Tampa Home Inspector?
September 27th, 2006 categories: Tampa Real Estate, Tampa Florida Real Estate, Home Inspection Tips
Whether you are buying or selling a home, it pays to have a professional home inspection performed. Why?
A professional home inspector will inspect areas and systems of the building such as:
- Structural elements, foundation, framing, etc.
- Plumbing systems
- Roofing
- Electrical systems
- Cosmetic condition, paint, siding, etc.
- Heating and cooling (HVAC) systems
If you are buying a home, you need to know exactly what you are getting and what shape it is in. A home inspection, performed by a professional home inspector, will reveal any hidden problems with the home so that they may be addressed BEFORE the deal is closed. You should always include the right to inspect in your offer unless this right will put you in a disadvantageous position. Make sure the contract has an inspection contingency, or right to cancel, as well. Then, hire your own inspector and pay close attention to the inspection report. If you aren’t comfortable with the home inspection report, you should consider cancelling the agreement or asking the seller to remedy the issue(s).
Likewise, if you are selling a home, you want to know about such potential hidden problems before your home goes on the market. Almost all offers to purchase include the condition that the contract is contingent upon completion of a satisfactory inspection. And most buyer’s are going to insist that the inspection be performed by a professional home inspector they hire (see paragraph 8 of a standard offer to purchase/contract). If the buyer’s inspector finds a problem, it can cause the buyer to get cold feet and the deal can often fall through. This recently happened to a seller client of mine and the home is back on the market. This particular client wanted to sell the home “As-Is”, which will be the subject of a future post.
At best, unknown problems uncovered by the buyer’s inspector will cause delays in closing, and usually the seller will have to arrange and pay for repairs at the last minute, or take a lower price on the home, give a credit to the buyer at closing, etc. Get your inspection beforehand so that you are confident about the condition of your home. Otherwise, you can count on the buyer’s inspector finding them, at the worst possible time.
Feel free to contact us for a list of professional Tampa, Florida home inspectors.
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